Federal Government Reduces Petroleum Prices for the Next 15 Days
The federal government has announced a reduction in the prices of petroleum products for the upcoming 15 days, providing some relief to consumers.
New Prices of Petroleum Products:
- Petrol: Reduced by Rs 10 per liter; the new price is Rs 249.10 per liter.
- High-Speed Diesel: Reduced by Rs 13.06 per liter; the new price is Rs 249.69 per liter.
- Light Diesel: Reduced by Rs 12.12 per liter; the new price is Rs 141.93 per liter.
- Kerosene Oil: Reduced by Rs 11.15 per liter; the new price is Rs 158.47 per liter.
Decline in Diesel Sales
Despite the price adjustments, there has been a notable decline in the sale of high-speed diesel in the first two months of the current fiscal year. According to data from the Oil Companies Advisory Council (OCAC) and industry statistics:
- Sales of high-speed diesel from July to August 2024 amounted to 0.92 million tons, reflecting a 12% decrease compared to the same period last year.
- In August 2024, sales of 0.46 million tons of high-speed diesel were recorded, marking a 17% drop from August 2023.
The total volume of petroleum product sales in the country during the first two months of the fiscal year reached 2.41 million tons, a 12% decline compared to the previous year.
This reduction in prices is expected to ease some of the financial pressure on consumers while the decline in diesel sales may indicate shifting consumption patterns or economic challenges.